LONDON: Unilever has agreed to sell its margarine and spreads business to US private equity firm KKR for 6.83 billion euros ($8.04 billion) to concentrate on faster growing products. The maker of Knorr soup and Dove soap announced the deal on Friday, hours after it was reported that KKR had entered exclusive talks to buy the shrinking business after outbidding rivals. The brands to be sold include Becel, Flora, Country Crock and Blue Band. Unilever put the business up for sale in April, following a review of its assets prompted by February’s unsolicited $143 billion takeover attempt by Kraft Heinz.
“The announcement today marks a further step in reshaping and sharpening our portfolio for long-term growth,” said Chief Executive Paul Polman. “The consideration recognizes the market leading brands and the improved momentum we have achieved.” The spreads business has been in decline for years as people eat less bread and margarine, but Unilever has taken steps to stem the decline. — Reuters
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